Florida-Based Belvedere Terminals Announces $750 Million Investment in Florida to Improve State's Fuel Supply Chain

ST. PETERSBURG, Fla., Sept. 19, 2023 /PRNewswire/ -- Today, Belvedere Terminals announced the company is planning to invest approximately $750 million in Florida to develop multiple fuel terminals for storage and supply. Belvedere Terminals is a new company working to support state leaders who are focused on improving Florida's fuel supply chain and ensure gasoline is accessible during hurricane season, when Florida has faced gas supply shortages in the past due to port closures.

Belvedere leaders said their first three initial sites in Florida are planned for Jacksonville, Ormond Beach and Ft. Pierce, and then another seven locations will be developed in the state over the next five years. The sites in Jacksonville, Ormond Beach and Ft. Pierce are currently in the early stages of planning and development. Belvedere officials are working with community leaders in those areas.

Because Florida has no in-state production of oil and gas or its own gas pipeline, the state is largely dependent on the long-distance trucking of fuel that is first delivered to Florida ports by ships that travel over environmentally sensitive estuaries and waterways. Belvedere Terminals will meet the growing need for fuel in the state by providing refined petroleum products to multi-location retailers. These products will move from refineries in the gulf region, up interstate pipelines to Belvedere's hub facility in Collins, Mississippi. From there, fuel products will be delivered by trains with state-of-the-art safety standards, over existing railways to the various Belvedere Terminals storage locations throughout Florida. This will improve Florida's fuel supply chain by making the state less reliant on port deliveries of fuel which are subject to significant disruption during times of severe weather, including hurricanes.

Belvedere Terminals President Edwin Cothron said, "As a sixth generation Floridians myself, we are beyond excited to begin working to develop Belvedere Terminal's locations in Florida and bring more than $750 million in capital investment with more than 200 jobs to the state. Our Belvedere Terminals system will use state-of-the-art railcars and sites that will set new industry standards for operational safety. This new system for fuel delivery will help lower gas prices for consumers and offer a safer and more dependable method for getting fuel into the state that is not subject to port shutdowns when a hurricane forms. We are in communication with Florida state leaders and we are hopeful that our company's mission will benefit Floridians by taking some fuel deliveries off of Florida's unique and fragile waterways while strengthening the supply chain for fuel."

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SOURCE Belvedere Terminals